This form provides boilerplate contract clauses that designate the rights of parties to appoint an Indemnitor Representative and outlines such representative's powers and obligations under the contract.
Delaware Indemnity Provisions - Parties to the Indemnity
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How to fill out Indemnity Provisions - Parties To The Indemnity?
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Hear this out loud PauseEach party (the ?Indemnifying Party?) shall indemnify, defend and hold harmless the other party (the ?Indemnified Party?), its affiliates, and its respective officers, directors, employees, agents, and representatives from and against any and all claims, damages, losses, liabilities, judgments, settlements, costs and ...
Hear this out loud PauseIndemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
An indemnification clause is a legally binding agreement between two parties specifying that one party (the indemnifying party) will compensate the other party (the indemnified party) for any losses or damages that may arise from a particular event or circumstance.
An indemnity (hold harmless) clause is a section of a construction contract between two or more parties, typically a property owner and contractor(s), regarding the responsibility of losses or damages during a construction project.
Simply put, an indemnification clause lays out in legal language how one company (usually the buyer) will be compensated by another for losses they suffer after a merger or acquisition takes place.
A release and indemnity agreement, also called an indemnity agreement or a hold harmless agreement, is a legal contract that releases a party from specific liabilities. Essentially, one party in the contract agrees to pay for all potential losses or damages caused by the other party.
Hear this out loud Pause(a) A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the ...